New Student Loan Law Passed

Friday, President Barack Obama signed into law legislation that will tie student loan interest rates to financial markets.With the new law, rates are liable to change each year with fluctuations in the economy. Loan rates are tied to the yield on the 10-year Treasury note, plus a markup depending on the type of loan.

Students this year will borrow at around 3.8 percent for undergraduates and 5.4 percent for graduates, while parents taking out PLUS loans will borrow at 6.4 percent

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